Listings under contract continue to soar in February

Cold weather isn’t slowing down Chicago’s housing market

The Chicagoland area continues to see record-breaking numbers, with the number of homes under contract beating last year’s numbers by 19%—the highest mark in months—despite frigid temperatures.

Source: MRED

New Listings Are Down
While the first two weeks of February 2021 saw 3,110 fewer new listings than the same period the previous year, real estate professionals are still seeing incredible buyer demand for homes driven by continued low interest rates. Sellers are likely to command top dollar for their homes, as the decreased inventory leads to increased competition for desirable properties across the Chicagoland area.

Source: MRED

Home Sale Prices Are Up
Likely benefitting from the region’s limited inventory, sellers are continuing to see higher sale prices. The week of February 8, 2021 saw median home sale prices up 16%—a consistent trend for the last year that experts anticipate will hold true as we head into real estate’s busiest season. The current market is ripe with opportunity for prospective sellers ready to make a move, with low inventory and high demand shortening listing times and resulting in higher sale prices.

Source: MRED
Source: MRED